Financial Performance - The Group's revenue for FY2023 was approximately HK$355.4 million, a decrease of approximately HK$660.8 million or 65.0% from HK$1,016.2 million in FY2022[14]. - Revenue from property development for FY2023 was approximately HK$348.3 million, down from approximately HK$1,004.6 million in FY2022[14]. - The loss attributable to owners of the Company for FY2023 was approximately HK$428.3 million, compared to HK$517.8 million in FY2022[15]. - Basic and diluted loss per share for FY2023 was approximately HK31.54 cents, compared to HK38.13 cents in FY2022[15]. - The gross profit for FY2023 was approximately HK$0.1 million, representing a decrease of approximately HK$109.4 million or 99.9% from FY2022's gross profit of approximately HK$109.5 million[42][47]. - Other income and gains for FY2023 were approximately HK$1.0 million, compared to a loss of approximately HK$0.5 million in FY2022, mainly due to government subsidies and bank interest income[44][48]. - Selling and distribution expenses decreased from approximately HK$14.6 million in FY2022 to approximately HK$7.7 million in FY2023, attributed to reduced advertising and marketing costs[45][49]. - Administrative and other expenses for FY2023 were approximately HK$22.3 million, a decrease of approximately HK$10.1 million from approximately HK$32.4 million in FY2022[51][53]. - Financial costs for FY2023 were approximately HK$43.5 million, a decrease of approximately HK$4.6 million from approximately HK$48.1 million in FY2022[58]. - Income tax expense for FY2023 was approximately HK$2.0 million, down from approximately HK$8.9 million in FY2022, primarily due to reduced gross profit[59]. - The net loss for FY2023 was approximately HK$527.6 million, a decrease of approximately HK$228.1 million from HK$755.7 million in FY2022[70]. Development Projects - The Group acquired land use rights for a plot of approximately 63,481 square meters in Fengxian District, PRC, for future development[16]. - The planned development includes 30 buildings with a total estimated gross floor area of approximately 160,090 square meters, expected to be completed by April 2024[17]. - The integrated industrial zone aims to attract businesses in medical equipment, biomedical, and medical beauty industries[17]. - The construction on the land commenced in September 2021[17]. - The Yangzhong Project recorded revenue of approximately HK$169.5 million from the sales of 159 apartments in FY2023, with a total gross floor area of approximately 19,407 square meters[31]. - The Group plans to implement a "two-wheel driven strategy" focusing on biomedical and medical equipment industrial zones, enhancing investment and operational services[20][21]. - The Park aims to integrate advantageous resources in Shanghai, focusing on innovative medicines and medical devices, creating an intelligent healthcare industrial park[21]. - The Park will enhance its capabilities in resource integration, service construction, and platform building, forming six core competencies[21]. - The Group aims to establish integrated industrial zones for biomedical and medical devices in the Yangtze River Delta region, replicating successful experiences from existing projects[83]. ESG and Sustainability - The Group presented its Environmental, Social and Governance (ESG) Report for the year ended March 31, 2023, in accordance with the ESG Reporting Guide under the Listing Rules[163]. - The past year was marked by significant regulatory reforms, heightened geopolitical tensions, and the impact of the COVID-19 pandemic on the economy and society[164]. - The Group reinforced sustainable development principles across all business lines by enhancing ESG internal controls and strengthening corporate governance[164]. - Management prioritized employee safety during the pandemic, implementing sufficient protection measures across different business divisions[165]. - The Group's commitment to ESG risk management focused on key areas such as COVID-19 and climate change[164]. - The Group has implemented measures to manage climate-related risks, contributing to the net-zero economy goals of China and Hong Kong[166]. - A green environmental strategy has been devised that spans across all business segments, allowing the Group to measure the effectiveness of current environmental policies[166]. - The Group will focus on green environmental strategies, protection of staff from COVID-19, and new ESG opportunities moving forward[169]. - Major concerns of stakeholders include profitability, financial stability, and information disclosure and transparency[175]. - The Group disclosed quantitative indicators in the "environment" category in accordance with the ESG Reporting Guide, with plans for full disclosure in the "society" category in the future[177]. - Material ESG issues identified include carbon emissions, electricity and water consumption, and workplace health and safety[184]. - The Group welcomes stakeholder feedback on its ESG approach and performance through various communication channels[186]. Management and Governance - The company has a strong management team with diverse backgrounds in finance and investment, enhancing its strategic development capabilities[139][140][147][150]. - The company is focused on strategic development and business management, with a structured reporting system to the board[139]. - The management team has experience in project investment and asset restructuring, which is crucial for future growth initiatives[147]. - The company is committed to maintaining high standards of corporate governance through its board composition[150]. - The diverse expertise of the board members positions the company well for navigating market challenges and opportunities[140][147][150]. - The Group's financial controller and company secretary has over 12 years of experience in auditing, accounting, and financial management[158]. Financial Position - As of March 31, 2023, the Group's interest-bearing borrowings amounted to approximately HK$1,147.1 million, a decrease from approximately HK$1,541.0 million as of March 31, 2022[91]. - The Group's net current assets as of March 31, 2023, were approximately HK$44.2 million, a significant improvement from net current liabilities of approximately HK$1,056.7 million as of March 31, 2022[95]. - The gearing ratio of the Group as of March 31, 2023, was 133.1 times, compared to 623.1% as of March 31, 2022[96]. - The Group's cash and bank deposits (excluding restricted deposits) as of March 31, 2023, were approximately HK$40.6 million, down from approximately HK$46.5 million as of March 31, 2022[95]. - The Group's borrowings of approximately HK$365.9 million as of March 31, 2023, were repayable within one year, bearing interest at fixed rates ranging from 5% to 15% per annum[93]. - The Group has no significant capital commitments as of March 31, 2023[100]. - The Group did not engage in any hedging activities during the fiscal year 2023, and there are no plans for hedging in the near future[99]. - The Group's assets and cash flows were primarily denominated in RMB, while a significant portion of interest-bearing borrowings was in US dollars, leading to foreign exchange risk[106]. Employee and Operational Insights - The Group's total employee costs from continuing operations for FY2023 amounted to approximately HK$16.8 million, a decrease from approximately HK$20.6 million in FY2022[115]. - The Group's employee count stood at 97 as of 31 March 2023, with 90 employees in China and 7 in Hong Kong[115]. - The Group did not recommend the payment of a final dividend for FY2023, consistent with FY2022 where no dividend was paid[118]. - There were no material acquisitions or disposals of subsidiaries, associates, or joint ventures during FY2023, except for a disposal[109].
保集健康(01246) - 2023 - 年度财报